Singapore shares on longest losing streak since April; STI falls 0.5%
Malaysia, Thailand and Cambodia were hit with 19 per cent levies , while Taiwan will face a 20 per cent rate on its US exports. The global baseline rate will be kept to 10 per cent.
Singapore is likely to remain at this baseline, which Prime Minister Lawrence Wong earlier said was 'not ideal' , but something the country can 'live with'.
DBS economists Radhika Rao and Chua Han Teng said: 'While the downside direct impact on Singapore would be contained, the city-state's exports and economy will still face indirect negative impact through its trade linkages with key trading partners.'
They noted further threats from sector-specific tariffs – such as on semiconductors and pharmaceuticals – which are still under review.
The benchmark Straits Times Index (STI) fell 0.5 per cent or 19.94 points to 4,153.83. Across the broader market, losers outnumbered gainers 340 to 244, with around 1.3 billion securities worth nearly S$1.7 billion transacted.
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Keppel DC Reit was the biggest decliner on the STI, losing 3.4 per cent or S$0.08 to end at S$2.29.
Jardine Matheson Holdings was the top blue-chip gainer. It added 2.7 per cent or US$1.45 to finish at US$55.98. The conglomerate on Thursday reported a 45 per cent growth in first-half underlying profit to US$798 million.
The trio of local banks closed lower. DBS fell 0.6 per cent or S$0.31 to S$47.60, OCBC shed 0.5 per cent or S$0.08 to S$16.79, and UOB dipped 0.3 per cent or S$0.12 to S$36.07.
Across the broader Asia region, South Korea's Kospi led the declines with a 3.9 per cent fall.
Hong Kong's Hang Seng Index ended 1.1 per cent lower, Japan's Nikkei 225 wrapped up the week with a 0.7 per cent decrease, and China's blue-chip CSI 300 index was down 0.5 per cent.
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